Question

The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.

Production: 6,260 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.

Manufacturing costs: Materials $35,188; labor $21,500; overhead $35,438.

Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)

QUIK FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2020
				Equivalent Units
Quantities		Physical Units		Materials		Conversion Costs
Units to be accounted for
Work in process, March 1		enter a number of units
Started into production		enter a number of units
Total units		enter a total number of units
Units accounted for
Transferred out		enter a number of units		enter a number of units		enter a number of units
Work in process, March 31		enter a number of units		enter a number of units		enter a number of units
Total units		enter a total number of units		enter a total number of units		enter a total number of units
Costs				Materials		Conversion Costs		Total
Unit costs
Total Costs				$enter a dollar amount		$enter a dollar amount		$enter a total of the two previous amounts
Equivalent units				enter a number of units		enter a number of units
Unit costs				$enter a dollar amount rounded to 2 decimal places		$enter a dollar amount rounded to 2 decimal places		$enter a total of the two previous amounts rounded to 2 decimal places
Costs to be accounted for
Work in process, March 1								$enter a total amount
Started into production								enter a total amount
Total costs								$enter a total of the two previous amounts
Cost Reconciliation Schedule
Costs accounted for
Transferred out								$enter a total amount
Work in process, March 31
Materials						$enter a dollar amount
Conversion costs						enter a dollar amount		enter a subtotal of the two previous amounts
Total costs								$enter a total amount for this Cost Reconciliation Schedule

Answer 1

Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)

QUIK FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2020
				Equivalent Units
Quantities		Physical Units		Materials		Conversion Costs
Units to be accounted for
Work in process, March 1		0
Started into production		9260
Total units		9260
Units accounted for
Transferred out		6260		6260		6260
Work in process, March 31		3000		3000		3000*20% = 600
Total units		9260		9260		6860
Costs				Materials		Conversion Costs		Total
Unit costs
Total Costs				35188		56938		92126
Equivalent units				9260		6860
Unit costs				3.80		8.30		12.10
Costs to be accounted for
Work in process, March 1								0
Started into production								92126
Total costs								92126
Cost Reconciliation Schedule
Costs accounted for
Transferred out								75746
Work in process, March 31
Materials						11400
Conversion costs						4980		16380
Total costs								92126